The 2002 Financial Performance Study of Financial Advisory Practices

September 2002
Journal of Financial Planning;Sep2002, Vol. 15 Issue 9, p20
Academic Journal
This article presents an overview of the 2002 Financial Performance Study of Financial Advisory Practices by the Financial Planning Association (FPA). The FPA study indicates that 2001 was a pretty tough year for many financial advisors--and that was before September 11 and its crisis of confidence for investors, according to Mark Tibergien, lead consultant on the project. The study also found that comprehensive financial planning is regaining currency with many firms. In the late '90s, when money rolled in the door and advisors focused more on investment management, many firms strayed, but now they're being born again. The challenges faced by financial advisors become more critical in times of stress, says Tibergien. First is a competitive strategy. Although planners have embraced the diversification they preach to clients, a smaller practice just doesn't have the resources to diversify too much. Instead, the goal is focus: a clear idea of which clients they're serving and why, and which products and services they're offering and why. Productivity requires deciding what kind of measurable return on investment they're getting from their human capital. The study found that many planners added professional staff, but weren't necessarily good at delegating to them.


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